Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1887-12-02
Our Loan and Building A..oci.tion.


Atthe regular meeting of the Directors of
the Augusta Loan and Building Association.
held at the Office of H. NJ Heath ESQ.,. Nov.
2ord, the following letter of resignation was
read by the Secretary
TO the Directors Of the AUGUSTA Loan and
Butidtng association.
GEsTLEMES: When you elected me. last
august, as Secretary of the Association. I
aid not then expect to go away from the CITY.
put the continued poor health of nv wife as
wen as that OF my own, seems to require a
chahee necessitating my absence
grom home during the coming
winter. This of course eomneIs
me to tender you my acknowledgements
or final--as you may deem for the best in
terests of the Association. If YOU can find
some one that would be willing to perform
the duties during my absence, and deem it
ADVISABLE to do 50, on my return in the spring.
IL this should be my good fortune, | would
then again resume the duties which | now
reluctantly sever.
ferhaps 1t will not be out of place at this
Tune, to say word as to the present standing
and the future prospects of the Association
organized the 9th day of last June.
IL DID not commence to do business till the
lIth day of August. All the details of the
work OF the Association. were new TO all its
ofhcers, as well as to its Secretary Its plan
of operations had TO be studied and learned.
Its system of bookkeeping was more COM
plicated and difficult than that of any Bank.
The work of soliciting our citizens to sub
scribe for shares of its stock---it being new
and unknown to them-required much labor
In explaining its purposes and methods of
business. All this labor. as you are aware
had to be performed by the Secretary
have gwen to the duties of the position, as
much time as | could without interfering
with other duties. | only regret, that have
not been able to do more. In the three
short months of the Associations existence
it has upon its books, l5l, shareholders,
embracing 563 shares of its stock.
The Association has loaned its money to
parties and aided them to build four houses
in the city, since it commenced business, on
which the Association has ample security
and is receiving good rate of interest.
Applications, and bids for loans, are in
advance of the Associations means to supply.
With little effort the number of shares could
easily be pushed up to 1000, and this would
very materially help the Association to sup
ply the demand now made upon it, for more
money than it can furnish.
The more and better the Association, and
its work, and what it is capable of doing is
understood, the more will the people appre-
ciate and commend it.
Its design, to help the laboring classes and
all others, of limited means, to form habits
of thrift and prudence, in saving something
from their monthly earnings, to build them
homes of their own, must, and will
receive the commentator and approval
of every good citizen, and this is what the
Association is doing, and what it will con-
tinue to do in the future, in larger degree,
as its resources increase from time to time.
To those who do not wish to build or to
loan, and only to invest, it offers unusual
facilities, to place their surplus earnings,
insuring to them good rate of interest, and
almost absolute safety.
This Association antagonizes no banks, or
savings institutions of any kind. 1t has its
own field of labor, and its own work to per-
form. 1t has no apologies to make to any
one for being here. 1t only asks that its
methods be learned and understood, and its
work will be approved and commended by
all.
In severng my connection with the AS
ISOLATION as Secretary, hereby tender my
thanks to all of the officers of the Association
for their uniform kindness to me, at all times,
and bespeak for the Association the sue
cess it SO well merits. Respectfully.
VIM. III. LIBBY.
Mr. Libby's resignation was accepted to
take effect when his successor should be
elected and qualified. 1t is with the deepest
regret that the Association parts with Mr..
Libby, who has proved himself to be an able,
efficient and painstaking officer, and it is the
desire of the Association that he may return
from his Western trip in a few months to
again resume the secretaryship of our As
ISOLATION
Mr. o. A. Tucil has been elected and quail
flied as secretary of the Association during
Mr. Libby's absence, and can be found at
the office of Heath & Tuell, which will, for
the present be the Office of the Association.
The Directors have opened the second
series of stock and the secretary is now
ready to receive subscriptions for the same.
The Woman's Suffrage League will meet
ut p NJ Fopler's Mrs Mt three o'clock this